I really can't think of a more exciting time to live here in Las Vegas. Everyday there seems to be a new announcement, a new project, a new opportunity for our city. And it's not just about the economy and tourism. There is a newfound sense of community and pride in our town, something locals really longed for. We are creating a legacy for the next generations to come, and I am so thankful to be apart of it. Everyday I get to help so many people build their dreams here. 2020 is shaping up to be an exciting year, and I wanted to share my thoughts on what's to come.
Over the past few years Las Vegas has seen economic development like we haven't seen in decades, this has lead to a steady & stable housing market. Last year Las Vegas home prices stabilized and hit almost pre-recession values, even with inflation factored in. It took us a solid decade, but with the investment in our cities' infrastructure and careful strategy, we made Vegas one of the strongest economies in the country, not to mention one of the world's premier destinations.
Many years ago, we purposely diversified outside of tourism and gambling and it's paying off. With our appealing tax rates, business incentives, low commute times, affordable utilities and relatively low cost of living, companies and residents all over the country and moving here. From July 17 to July 18 over 50,000 Californians made up the 127,000 people that moved into Nevada.
The entire city is a buzz with anticipation. With the building of billions of dollars of new resorts, millions of new square footage of convention center space and new manufacturing facilities, the future couldn't be brighter for our city. We managed to attract some of the largest tech companies in the world, Google, Amazon, and Switch to name just a few. And probably the biggest impact we will see immediately is the Raiders relocating to Las Vegas officially in July of this year!
Just one look at the 2 billion dollar stadium going up you can't help but be in complete awe. Not only has it physically changed Las Vegas, it has already sparked massive growth in Las Vegas and Henderson. (Related Forbes Article: What's New in in Las Vegas The Best of 2020)
How Has the Housing Market Been Effected?
We've seen how this rapid growth has effected the housing market. Last year we watched anxiously as prices continued to rise, some even feared another bubble. Prices have since stabilized, but economists are still predicting a slow steady rise in 2020.
December report issued by Apartment List, shows Las Vegas rents are up 3.2 percent over the past year, the fifth fastest-growing rate among large cities. Since 2014, rents have grown by 20.6 percent compared with the national average of 11.3 percent.
The median price for a single-family home in December was $312,990, up 6% from the median price in December 2018, says the Greater Las Vegas Association of Realtors, or GLVAR.
That figure is also up from the median home price of $307,000 reported in November 2019.
"As we begin a new year and new decade, I think you can sum up the state of the local housing market with two words: stable and sustainable," association president Tom Blanchard said in a press release. Blanchard said he expects the housing market in 2020 to look a lot like it did in 2019. And it's only January, but we already seeing spring like activity. Inventory isn't staying on the market long and buyers are already getting a jump on the season.
There's Never Been a Better Time to Get Into the Market.
Henderson has experienced this impact at an explosive rate as well. The Raiders Headquarters is being constructed off St. Rose Parkway & Henderson Executive Airport and as a result has ignited the surrounding areas with business development. Henderson has seen the job market increase by 3.5% over the last year. More jobs are attracting a lot more people.
Developers are building, have finished in the past few years or have drawn up plans for a total of at least 36 projects, covering more than 1,000 acres and featuring nearly 6,900 homes, just in Henderson reported Las Vegas Review-Journal. Those are incredible numbers!
There were 171 closings in Henderson in October with the median price of $483,841. The lowest price was $255,500, and the highest price was $3.49 million.
Developers are building as fast as they can and resale prices are on the rise. Property values are climbing. Rent is on the rise. So if there were ever a time to get into the market now would be the time. With rates at an all time low, renters are moving into homes, homeowners are growing into newer, bigger homes and investors and picking up everything they can.
I've been working closely with my clients helping set them up for financial wealth through the best way how, real estate. If you have any questions about the market and what your next move should be call me today!
Many who know me, know I love living here in Las Vegas, specifically Henderson. I love the pace of the city and the amenities at your finger tips, but I also am a nature girl. I love finding places that I can escape to when I need some outdoor time. I need beautiful mountain views, water and some greenery mixed with the gorgeous desert landscape. And the neighborhood of Weston Hills in Henderson just before Lake Las Vegas, is a hidden little gem. Here you can find great walking trails and parks as well as tree lined streets. This neighborhood is filled with homes that are perfect starter homes or for those looking to invest. I wanted to show this to my clients and friends. I hope you get to experience Las Vegas outside of the strip and everything it has to offer. I look forward to sharing some of my favorite places with you!
Weston Hills Hendersons Best Kept Secret Neighborhood!
If you have any questions or would like to schedule a viewing, call or email me.
If you want to know about the market or property values, please feel free to reach out to me! There is really no better feeling I get than when I can help potential owners or sellers make the best decisions when it comes to some of the biggest decisions they will make in their lifetime. I've had the opportunity to work with so many great people over the years, I look forward to new clients that becoming good friends.
BECKY ASHBY | 702-816-6292 | beckyjoo400@outlook.com
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